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novation
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novation


Once the corporation is formed, it may release the promoter and assume liability on the contract through novation.
  law:  the replacement of one obligation with another by mutual agreement of both parties — especially the replacement of one of the original parties to a contract
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novation novate novated
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  • Once the corporation is formed, it may release the promoter and assume liability on the contract through novation.
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Associated words [difficulty]:   novation , mechanic’s lien [9]
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Most commonly used in these subjects:   Law, Engineering, Personal Finance
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